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This is the Judy Shelton thread [1 of many]
1st thing--

this is not a done deal

Stephen Moore and Herman Cain were supposed to be nominated ... never were

Marvin Goodfriend was nominated ... never confirmed
2nd thing -- Fed governors serve long terms.

There are 2 open seats - one goes until 2024, the other goes until 2030.

Shelton has huge monetary ambitions, already lives in Virginia and is financially secure. She could serve until 2030.
3rd thing -- last 3 Fed chairs 1st served as Fed governors. If Trump reelected, Powell will be replaced. Given her relationship w Trump world (campaign advisor, media cheerleader, friend of Kudlow, friend of Pence, etc) she would be favorite to succeed Powell as Chair in 2022.
ok let's dig in. Here's how Shelton described Trump in 2016
Here she is talking about the 0 rates - which she now supports - in 2012
for years she had talked about IOER (interest on excess reserves) as bad... and also about how low rates were crushing savers, creating bubbles, etc.

a spot opens up on the Fed and all of a sudden she's talking about cutting rates to 0 as a way to eliminate IOER.
if she gets nominated, it will be because she did a very quick 180: from one of the most hard money commentators in America to wanting 0 interest rates.
one of the most hard money people in America? don't take my word for it. Trump's top economic advisor Larry Kudlow described Shelton as "a leading hard money conservative" in 2015
basically every alarmist talking point about monetary policy during the Obama years, she embraced. Here's the classic -- the dollar is being destroyed and the Fed is fueling the fire
more poetically-- "If we continue to allow the Fed to underwrite deficit spending... we will witness the steady demoralization of democratic capitalism." (don't hear too much about that from Shelton anymore)
and of course the inflation fearmongering. Here in 2009 -- "American families deserve better than to be punished by wasteful public spending and ruinous inflation."

interestingly she went further than many Fed critics who predicted inflation ... she actually wanted the Fed not to tolerate low inflation (its target is 2%) and instead aim for 0% inflation. Here's a mini thread on that
(in case you don't read through that one, apparently the 2% inflation target is "an egregious violation of your property rights")
Nor does she think the Fed should be allowed to engage in so-called quantitative easing (buying long-term government bonds)
her view on regulation and the financial crisis?
this is all lead-up to the main event: her goal is the return of the gold standard.
here she is in the @WSJ as America shedding jobs
(the push for Indiana to experiment with gold on its own was not a fluke. in 2013 she supported efforts in Virginia to plan for an alternative currency in case the dollar imploded)
and she called this guy the "Rosa Parks of monetary policy" because he got arrested for creating gold tokens
but we are getting distracted... why the gold standard?
the final destination is a global system where all major countries pegged to gold... but America would probably move first.
this is from short book (I think her latest) which you can buy for $.99 amazon.com/Fixing-Dollar-… since we are talking about monetary policy, here's how she describes gold price rule
(losing steam ... will pick up tomorrow)
.@biancoresearch bloomberg.com/opinion/articl… “However, these are not the positions she has advocated in recent weeks...”
Correction: Bernard von NotHaus, who Shelton calls the “Rosa Parks of monetary policy” was not making gold tokens but rather something he called the “Liberty Dollar,” which was 99% silver and I think supposed to compete with dollars. 🙏 @lawrencehwhite1
“Ms. Shelton missed 11 of 26 board meetings, or 42%, of the European Bank for Reconstruction and Development, or EBRD, in her first year as the U.S. representative, according to minutes of the meetings.”
Hard to win a majority if you don't show for the meetings?

"...it comes as no surprise that Ms. Shelton is often in a minority when the board votes at the European Bank of Reconstruction and Development, although the U.S. is its biggest shareholder." wsj.com/articles/trump…
.@chrisjcondon reports:

"But given Trump’s disdain for Powell, Shelton would, if confirmed, represent a potential chair-in-waiting. One administration official familiar with the matter told Bloomberg in July that’s an option once Powell’s term expires, or even before."
Read the whole piece bloomberg.com/news/articles/…

Shelton is clearly the Chair-in-waiting. And the wait might not be that long.
.@AEI's Desmond Lachman: "it would be a big mistake for the Senate to confirm her [Shelton's] nomination." thehill.com/opinion/financ…
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